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IN BRIEF/Technology

Verizon Wireless Sues U.S. to Cancel Deal

April 09, 2002|Bloomberg News

Verizon Wireless Inc. sued the federal government to cancel an $8.7-billion agreement to buy mobile-phone licenses. Verizon also asked the Court of Federal Claims to force the government to return $261 million of its $1.7-billion down payment for the licenses and compensate the firm for lost interest--possibly exceeding $100million.

The Federal Communications Commission has been unable to deliver the licenses because of a fight over who owns them.

Verizon Communications shares fell 60 cents to $44.21 on the NYSE.

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